NYC Pension Chief Says Private Equity Firm Tried to Bill Investors for Employees' Private-Jet Use
Why It MattersFund managers billing aircraft use to investors pulls corporate and charter flying into LP cost scrutiny, which could shape how private-equity-linked travel is booked and documented.
Monte Tarbox, New York City's pension investment chief, says a private equity firm tried to charge investors for its employees' private-jet use. Tarbox sees the episode as part of a growing trend of fund managers passing more costs on to investors.
He also warned of a potential crisis as private equity expands into the retail market. Such investments typically tie up capital for years, while individual investors may want to withdraw much sooner.
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